https://www.taxtmi.com/caselaws?id=375172 Section 68 additions for unsecured loans require the assessee to establish the creditor's identity, creditworthiness and genuineness through confirmations, tax returns and bank records, especially where funds move through banking channels. Once that prima facie burden is met, the Revenue must bring material to show that the credits are the assessee's own undisclosed money; low returned income by itself is insufficient. Where a creditor's account shows cash deposits immediately before the loan and no independent funds are demonstrated, the transaction may be treated as non-genuine and the addition sustained to that extent. Related interest disallowance follows the treatment of the underlying loan credit. en-us Tue, 12 Feb 2019 00:00:00 +0530 Fri, 15 Feb 2019 08:09:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375172 Section 68 additions for unsecured loans require the assessee to establish the creditor's identity, creditworthiness and genuineness through confirmations, tax returns and bank records, especially where funds move through banking channels. Once that prima facie burden is met, the Revenue must bring material to show that the credits are the assessee's own undisclosed money; low returned income by itself is insufficient. Where a creditor's account shows cash deposits immediately before the loan and no independent funds are demonstrated, the transaction may be treated as non-genuine and the addition sustained to that extent. Related interest disallowance follows the treatment of the underlying loan credit. Case-Laws Income Tax Tue, 12 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375172